The 55-year-old, who won a national championship with the school in 2012, said the deal was "agreed to in principle" after this past season, which ended with a six-point loss in the national championship to the UConn Huskies:

"This was agreed to in principle right after the season. It was let's try to get this right and let's try to get it right for your staff. I want this to be someplace you're comfortable being the rest of your career, and I said, 'That's good, let's do it.' "

His annual salary will increase from $5.5 million to $6.5 million next season. Jennifer Palumbo of local Kentucky station WKYT obtained a copy of the pay schedule for Calipari's salary moving forward. He will make $8.5 million in the final year of his deal through 2021.

His record at Kentucky is 152-37 (.804) since he took the reins in 2009 after nine years at Memphis. He is 18-3 in the tournament with two national title appearances, a Final Four berth and a trip to the Elite Eight. The Wildcats have more wins than any other team since he joined the program.

The news, announced just hours before tipoff of the NBA Finals, all but confirms the Kentucky coach will not be leaving for an opportunity in the NBA. Calipari, who coached the Nets in New Jersey from 1996-99, was rumored to have been a candidate for a number of NBA coaching vacancies this offseason.